Drooms hosts major sale and leaseback deal in virtual data room arena for Nagel-Group, Tristan Fund and Barings

23. April 2019

Drooms, an independent provider of secure cloud solutions in Europe, has supported a sale and leaseback transaction between logistics enterprise Nagel-Group, CCP5 LL, a fund advised by Tristan Capital Partners LLP and Barings.

Frankfurt, 23. April 2019: Nagel-Group, the market leader for refrigerated food logistics in Germany, sold its portfolio of cold storage solutions in Germany and Denmark to Tristan’s core-plus real estate fund and to Barings, who will asset manage the entire portfolio of 34 assets.

Nagel-Group carried out its due diligence online using the Drooms NXG virtual data room. Parties involved on both the buy and sell-side were granted secure access to all transaction-relevant information for valuation purposes. Tristan Capital Partners, who use Drooms PORTFOLIO to streamline their data management processes, and Barings announced the news of the acquisition at the end of March.

The project included 34 warehouses covering a total of 260,000 square metres, 26 of which were based in Germany and eight in Denmark. CCP 5 LL acquired 27 assets, of which circa 83 per cent of the total lettable area is located in Germany, and Barings acquired seven assets in Germany. CCP5 LL and Barings have developed a tailored, long-term "lease-back” property solution for Nagel-Group.

The speed at which documents were displayed on the digital platform expedited the complex transaction, which involved a number of different stakeholders. The comprehensive and intense Q&A process was also carried out directly in the data room. Drooms PORTFOLIO enables the smart and secure management of the buyer's assets. The data is centralised, structured and kept up-to-date at all times saving time and resources as well as fulfilling legal supervision requirements.

Alexandre Grellier, co-founder and CEO of Drooms, says: "We are delighted that we were able to support the transaction. Asset value is, to a great extent, dependent on the quality of the underlying documentation. Therefore, it is of the utmost importance that the parties involved have access to all the information pertaining to a particular asset. With both the NXG transaction data room and the PORTFOLIO data room solution, we have mapped the asset lifecycle in its entirety."

Drooms has already supported over 10,000 complex transactions, amounting to a total of over EUR300 billion, including commercial real estate acquisitions, IPOs and mergers & acquisitions. The company continues to further develop its virtual data rooms on a consistent basis to optimise operational efficiency, automating processes through the use of machine learning technology.

Pursuing a steady expansion strategy, Drooms employs over 130 staff in 27 countries and is represented internationally by various locations in the most important European markets. In addition to the company headquarters in Frankfurt, the SaaS provider operates via offices in Munich, Vienna, Paris, London, Amsterdam, Milan, Madrid and Zug.